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tax hikes will hurt the middle class. obama will meet with the second group of ceos at 4:45 p.m. to get their input on how to solve the crisis. the group will include brian roberts, and yahoo!'s marisa meyer. for more, we're joined now by charles deebel. the president meeting today over the fiscal cliff. really the reason for the underperformance we've seen, not just in u.s. equities, but actually worldwide overnight. >> i think so, i think there's really a reevaluation with respect to europe going on as well, and having had a greek solution. and then they start to look at the rest of the eurozone, particularly spain. so you deal with one issue, but there are still plenty more stacked up behind. so that didn't help. but yeah, those comments clearly not constructive. it is the number one problem now having got to greece effectively out of the way, spain is on the back burner. the u.s. fiscal cliff is the worry at the moment. >> for all the time we've already spent talk about it, the reaction seems to reflect the fact that an assumption that they will reach a deal is priced in a
over some of the concepts that underpin our approach to international tax law. if you have a look at the concepts that very much dry the way in which we determine taxing rights, emphasis about source and residence and permanent establishments, this is very much the language of law that was assigned for industrial and i think it's increasingly found to be wanting when it comes to some of the challenges that the information and digital age that we're now confronting. >> nobody is doing anything illegal. there are complex tax arrangements that are perfectly legal. should we be taxing profits or some other measures of companies. >> well, certainly i think these sorts of things have to be on the table in terms of whether or not it might be a question of looking at where the actual economic activity is occurring. certainly in relation to whether or not companies are in breach the tax laws, i can't generalize, but there are number of practices that comply with all the relevant domestic laws. but the issue boils down to whether or not the international tax concepts are capable of properly
after itself. that might entail a step drop because at the moment we're giving these tax breaks, but we're doing it out of our saving. >> but the point isn't just that we have to restore a higher level perhaps of taxes and lower level of spending than we might like. the problem with the u.s. is it gets into that ideological dispute over whether the way to do that should be by cutting spending and raising taxes. so there is an actual sort of fundamental disagreement that underpins this sense of knee jerk -- >> why have we had to do this? we've had to borrow money and cut people 00 taxes and spend more on social services because the underlying private sector economy completely ran out of steam. it ran out of steam because it needs the banking system to feed off. it needs access to trade credit, to business finance, et cetera. and so when the banking system suddenly said we've got another imperative for us the next few year, we'll have to rebuild our balance sheets, the private sector is temply cut off and drifts. so the public sector has to step in. so what we're really discussing is the
to pay tax i think on your winnings in the u.s. but there is also only a one in 176 million chance of winning. but what would you do if you did scoop the top prize? e-mail us at worldwide@cnbc.com, @cnbcwex, or @rosswestgate. >>> and warning of an impact of the strong yen on growth, but the job of solving that doesn't lie on the bank of japan alone. more when we come back. >>> it's cyber monday and shoppers are expected to spend more than $1.5 billion. >> from the moment you check out at amazon.com, the prz begins. your item is picked, sorded, packed and shipped. this is what the holidays look like here at amazon. to give you perspective, this is just one of 40 fulfillment centers across the country packed with thousands of items in time for the holiday rush. and they'll need them. last cyber monday, they sold more than 200 items per second. one glance at the shelves and it seems work hes put stuff wherever they can find space. >> it helps associates where they don't have to worry about putting things. >> so wherever there is space, there will be product. gr and it doesn't matter c
Search Results 0 to 3 of about 4